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UPL

BSE:512070
Snowflake Description

Exceptional growth potential with adequate balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
512070
BSE
₹416B
Market Cap
  1. Home
  2. IN
  3. Materials
Company description

UPL Limited, together with its subsidiaries, manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals in India, Europe, North America, Latin America, and internationally. The last earnings update was 17 days ago. More info.


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512070 Share Price and Events
7 Day Returns
0.5%
BSE:512070
-3.4%
IN Chemicals
-2.5%
IN Market
1 Year Returns
16%
BSE:512070
-6.7%
IN Chemicals
-9%
IN Market
512070 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
UPL (512070) 0.5% 6.7% 5.2% 16% 105.4% 353.6%
IN Chemicals -3.4% -6.2% -3.9% -6.7% 69% 209.9%
IN Market -2.5% -4.4% -3.5% -9% 41.7% 80.1%
1 Year Return vs Industry and Market
  • 512070 outperformed the Chemicals industry which returned -6.7% over the past year.
  • 512070 outperformed the Market in India which returned -9% over the past year.
Price Volatility
512070
Industry
5yr Volatility vs Market
Related Companies

Value

 Is UPL undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of UPL to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for UPL.

BSE:512070 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 22 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 13.5%
Perpetual Growth Rate 10-Year IN Government Bond Rate 7.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BSE:512070
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 7.6%
Equity Risk Premium S&P Global 7.5%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.492 (1 + (1- 35%) (19.52%))
0.554
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (0.8 * 7.45%)
13.51%

Discounted Cash Flow Calculation for BSE:512070 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for UPL is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

BSE:512070 DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (INR, Millions) 10,232.83 19,115.22 24,342.00 27,335.76 30,697.71
Source Analyst x6 Analyst x9 Analyst x9 Est @ 12.3% Est @ 12.3%
Present Value
Discounted (@ 13.51%)
9,014.92 14,835.80 16,643.85 16,466.25 16,290.53
Present value of next 5 years cash flows ₹73,251.35
BSE:512070 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= ₹30,697.71 × (1 + 7.55%) ÷ (13.51% – 7.55%)
₹553,949.37
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= ₹553,949.37 ÷ (1 + 13.51%)5
₹293,967.59
BSE:512070 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= ₹73,251.35 + ₹293,967.59
₹367,218.95
Equity Value per Share
(INR)
= Total value / Shares Outstanding
= ₹367,218.95 / 509.34
₹720.97
BSE:512070 Discount to Share Price
Calculation Result
Value per share (INR) From above. ₹720.97
Current discount Discount to share price of ₹816.65
= -1 x (₹816.65 - ₹720.97) / ₹720.97
-13.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of UPL is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for UPL's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are UPL's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BSE:512070 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in INR ₹38.84
BSE:512070 Share Price ** BSE (2019-02-15) in INR ₹816.65
India Chemicals Industry PE Ratio Median Figure of 235 Publicly-Listed Chemicals Companies 14.73x
India Market PE Ratio Median Figure of 2,726 Publicly-Listed Companies 15.16x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of UPL.

BSE:512070 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BSE:512070 Share Price ÷ EPS (both in INR)

= 816.65 ÷ 38.84

21.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • UPL is overvalued based on earnings compared to the IN Chemicals industry average.
  • UPL is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does UPL's expected growth come at a high price?
Raw Data
BSE:512070 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 22 Analysts
21.3%per year
India Chemicals Industry PEG Ratio Median Figure of 64 Publicly-Listed Chemicals Companies 1.1x
India Market PEG Ratio Median Figure of 606 Publicly-Listed Companies 1.11x

*Line of best fit is calculated by linear regression .

BSE:512070 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.03x ÷ 21.3%

0.99x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • UPL is good value based on expected growth next year.
Price based on value of assets
What value do investors place on UPL's assets?
Raw Data
BSE:512070 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in INR ₹177.40
BSE:512070 Share Price * BSE (2019-02-15) in INR ₹816.65
India Chemicals Industry PB Ratio Median Figure of 271 Publicly-Listed Chemicals Companies 1.39x
India Market PB Ratio Median Figure of 3,587 Publicly-Listed Companies 1.04x
BSE:512070 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BSE:512070 Share Price ÷ Book Value per Share (both in INR)

= 816.65 ÷ 177.40

4.6x

* Primary Listing of UPL.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • UPL is overvalued based on assets compared to the IN Chemicals industry average.
X
Value checks
We assess UPL's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check)
  5. UPL has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is UPL expected to perform in the next 1 to 3 years based on estimates from 22 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is UPL expected to grow at an attractive rate?
  • UPL's earnings growth is expected to exceed the low risk savings rate of 7.6%.
Growth vs Market Checks
  • UPL's earnings growth is expected to exceed the India market average.
  • UPL's revenue growth is expected to exceed the India market average.
Annual Growth Rates Comparison
Raw Data
BSE:512070 Future Growth Rates Data Sources
Data Point Source Value (per year)
BSE:512070 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 22 Analysts 21.3%
BSE:512070 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 22 Analysts 22.6%
India Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 18.6%
India Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 14.3%
India Market Earnings Growth Rate Market Cap Weighted Average 18.5%
India Market Revenue Growth Rate Market Cap Weighted Average 11.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BSE:512070 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BSE:512070 Future Estimates Data
Date (Data in INR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31
2021-03-31 303,891 52,007 32,609 16
2020-03-31 268,244 35,510 26,806 22
2019-03-31 195,766 18,136 21,823 17
BSE:512070 Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2018-12-31 190,030 19,770
2018-09-30 182,760 20,900
2018-06-30 177,890 20,590
2018-03-31 173,780 28,390 20,220
2017-12-31 170,290 20,270
2017-09-30 167,540 19,120
2017-06-30 165,250 18,400
2017-03-31 163,120 25,850 17,270
2016-12-31 146,180 15,473
2016-09-30 140,163 13,692
2016-06-30 135,366 13,840
2016-03-31 140,480 13,960 9,400

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • UPL's earnings are expected to grow significantly at over 20% yearly.
  • UPL's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BSE:512070 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below

All data from UPL Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BSE:512070 Future Estimates Data
Date (Data in INR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 95.00 95.00 95.00 1.00
2021-03-31 63.93 79.40 54.11 16.00
2020-03-31 52.41 63.00 46.57 20.00
2019-03-31 43.64 46.73 37.90 15.00
BSE:512070 Past Financials Data
Date (Data in INR Millions) EPS *
2018-12-31 38.84
2018-09-30 41.09
2018-06-30 40.48
2018-03-31 39.79
2017-12-31 39.90
2017-09-30 37.66
2017-06-30 36.30
2017-03-31 34.06
2016-12-31 36.10
2016-09-30 31.95
2016-06-30 32.29
2016-03-31 18.44

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • UPL is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess UPL's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
UPL has a total score of 6/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has UPL performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare UPL's growth in the last year to its industry (Chemicals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • UPL's year on year earnings growth rate has been positive over the past 5 years.
  • UPL's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • UPL's 1-year earnings growth is negative, it can't be compared to the IN Chemicals industry average.
Earnings and Revenue History
UPL's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from UPL Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BSE:512070 Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 190,030.00 19,770.00 22,390.00
2018-09-30 182,760.00 20,900.00 21,600.00
2018-06-30 177,890.00 20,590.00 21,390.00
2018-03-31 173,780.00 20,220.00 20,970.00
2017-12-31 170,290.00 20,270.00 21,470.00
2017-09-30 167,540.00 19,120.00 21,450.00
2017-06-30 165,250.00 18,400.00 20,980.00
2017-03-31 163,120.00 17,270.00 20,610.00
2016-12-31 146,180.10 15,472.60 17,197.10
2016-09-30 140,162.50 13,692.30 16,477.00
2016-06-30 135,365.70 13,839.80 15,883.60
2016-03-31 140,480.00 9,400.00 18,170.00
2015-12-31 125,861.20 11,912.50 23,976.60 37.40
2015-09-30 125,369.70 11,538.00 23,595.20 37.40
2015-06-30 123,978.30 11,346.50 23,357.00 37.40
2015-03-31 120,905.20 11,484.50 12,865.60
2014-12-31 118,353.30 10,725.40 21,057.80 115.90
2014-09-30 114,299.00 10,455.00 21,037.30 115.90
2014-06-30 108,905.00 10,340.70 9,723.90
2014-03-31 107,708.80 9,580.90 20,579.10 115.90
2013-12-31 102,404.40 8,679.20 18,824.80 183.20
2013-09-30 98,911.10 8,191.70 18,433.60 183.20
2013-06-30 94,238.90 7,843.40 18,038.20 183.20
2013-03-31 91,857.00 7,769.40 17,808.90 183.20
2012-12-31 84,776.60 6,980.70 15,439.10
2012-09-30 80,940.10 6,370.00 15,090.20
2012-06-30 80,130.60 5,741.50 14,615.00
2012-03-31 76,713.20 5,555.50 14,039.30 12.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • UPL has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • UPL used its assets more efficiently than the IN Chemicals industry average last year based on Return on Assets.
  • UPL's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess UPL's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
UPL has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is UPL's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up UPL's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • UPL is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • UPL's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of UPL's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from UPL Company Filings, last reported 1 month ago.

BSE:512070 Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 91,170.00 81,180.00 22,160.00
2018-09-30 91,170.00 81,180.00 22,160.00
2018-06-30 91,880.00 66,380.00 29,250.00
2018-03-31 91,880.00 66,380.00 29,250.00
2017-12-31 79,640.00 62,120.00 17,040.00
2017-09-30 79,640.00 62,120.00 17,040.00
2017-06-30 74,300.00 63,610.00 29,160.00
2017-03-31 74,300.00 63,610.00 29,150.00
2016-12-31 73,916.90 58,234.80 12,643.00
2016-09-30 73,916.90 58,234.80 12,643.00
2016-06-30 68,330.40 42,374.00 10,678.50
2016-03-31 59,330.00 52,580.00 12,150.00
2015-12-31
2015-09-30
2015-06-30 59,046.90 32,805.90 10,098.10
2015-03-31 59,046.90 32,805.90 10,098.10
2014-12-31
2014-09-30
2014-06-30 54,194.90 28,609.60 10,227.80
2014-03-31 54,194.90 33,495.10 10,227.80
2013-12-31
2013-09-30
2013-06-30 48,794.50 42,037.50 18,319.30
2013-03-31 48,794.50 42,037.50 18,319.30
2012-12-31
2012-09-30
2012-06-30 44,230.10 33,930.20 8,251.80
2012-03-31 44,230.10 33,917.00 8,251.80
  • UPL's level of debt (89%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (69.2% vs 89% today).
  • Debt is well covered by operating cash flow (35%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 17.9x coverage).
X
Financial health checks
We assess UPL's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. UPL has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is UPL's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.98%
Current annual income from UPL dividends. Estimated to be 1.2% next year.
If you bought ₹2,000 of UPL shares you are expected to receive ₹20 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • UPL's pays a higher dividend yield than the bottom 25% of dividend payers in India (0.56%).
  • UPL's dividend is below the markets top 25% of dividend payers in India (2.1%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BSE:512070 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below
India Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 165 Stocks 1%
India Market Average Dividend Yield Market Cap Weighted Average of 1397 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.6%
India Top 25% Dividend Yield 75th Percentile 2.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BSE:512070 Future Dividends Estimate Data
Date (Data in ₹) Dividend per Share (annual) Avg. No. Analysts
2022-03-31
2021-03-31 11.58 12.00
2020-03-31 9.82 17.00
2019-03-31 7.85 12.00
BSE:512070 Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2018-07-30 8.000 1.129
2017-04-28 7.000 0.928
2016-06-02 5.000 0.759
2016-04-29 5.000 0.856
2015-07-02 5.000 1.089
2015-04-27 5.000 0.958
2014-07-31 4.000 1.102
2014-04-25 4.000 1.307
2013-06-24 2.500 1.524
2013-04-25 2.500 1.676
2012-04-30 2.500 2.052
2011-10-21 4.000 2.926
2011-04-29 2.000 1.330
2010-08-02 2.000 1.204
2010-04-15 2.000 1.157
2009-06-01 1.500 0.951
2009-02-18 1.000 0.933

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of UPL's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (7.8x coverage).
X
Income/ dividend checks
We assess UPL's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can UPL afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. UPL has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of UPL's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ashutosh Awasthi
COMPENSATION ₹0
AGE 50
CEO Bio

Ashutosh Kumar Awasthi, B. Tech., serves as Chief Executive Officer of UPL Limited. Ashutosh Kumar Awasthi served at Piramal Class Ltd. Ashutosh Kumar Awasthi holds B.Tech. Ashutosh Kumar Awasthi earned MBA in Finance and Marketing from Institute of Management Technology, Ghaziabad from 2004 to 2006.

CEO Compensation
  • Ashutosh's compensation has been consistent with company performance over the past year.
  • Ashutosh's remuneration is lower than average for companies of similar size in India.
Management Team

Rajju Shroff

TITLE
Executive Chairman & MD
COMPENSATION
₹101M
AGE
85

Ashutosh Awasthi

TITLE
Chief Executive Officer
AGE
50

Anand Vora

TITLE
Chief Financial Officer
COMPENSATION
₹29M
AGE
54
TENURE
5.5 yrs

Ajit Premnath

TITLE
COO & Global Business Head of Crop Protection
AGE
59

A. Balaji

TITLE
Chief Information Officer
AGE
50

Mukul Trivedi

TITLE
Company Secretary & Compliance Officer
COMPENSATION
₹8M
AGE
65

Rohit Kumar

TITLE
Vice President of Legal
AGE
39

Kalyan Mohan Banerjee

TITLE
Director of Marketing
COMPENSATION
₹7M
AGE
75

Farokh Hilloo

TITLE
Global Sales Director
AGE
56

K. Srivastava

TITLE
Chief Executive Officer of Specialty Chemicals Division
AGE
60
Board of Directors Tenure

Average tenure and age of the UPL board of directors in years:

14.2
Average Tenure
64
Average Age
  • The average tenure for the UPL board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Sandra Shroff

TITLE
Non-Executive Vice Chairman
AGE
78

Rajju Shroff

TITLE
Executive Chairman & MD
COMPENSATION
₹101M
AGE
85

Jai Shroff

TITLE
Global CEO & Executive Director
AGE
53
TENURE
26.3 yrs

Vikram Shroff

TITLE
Executive Director
AGE
44
TENURE
12.8 yrs

Arun Ashar

TITLE
Director of Finance & Executive Director
COMPENSATION
₹26M
AGE
69
TENURE
25.9 yrs

Reena Ramachandran

TITLE
Independent Non Executive Director
COMPENSATION
₹1M
AGE
77
TENURE
15.3 yrs

Vinod Sethi

TITLE
Independent Non-Executive Director
COMPENSATION
₹960K
AGE
56
TENURE
13.1 yrs

Pradeep Goyal

TITLE
Non-Executive Independent Director
COMPENSATION
₹1M
AGE
63
TENURE
17.1 yrs

Hardeep Singh

TITLE
Additional Independent & Non-Executive Director
COMPENSATION
₹1M
AGE
64
TENURE
4 yrs

Vasant Gandhi

TITLE
Additional Independent & Non-Executive Director
COMPENSATION
₹1M
AGE
64
TENURE
3.3 yrs
Who owns this company?
Recent Insider Trading
  • UPL insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
15. Feb 19 Sell Shilpa Shroff Individual 13. Feb 19 14. Feb 19 -60,000 ₹816.50 ₹-48,989,997
10. Oct 18 Buy Rohit Kumar Individual 01. Oct 18 09. Oct 18 2,600 ₹627.15 ₹1,630,600
08. Oct 18 Buy Demuric Holdings Pvt. Ltd. Company 05. Oct 18 05. Oct 18 50,000 ₹618.61 ₹30,930,669
08. Oct 18 Buy Demuric Holdings Pvt. Ltd. Company 05. Oct 18 05. Oct 18 50,000 ₹618.61 ₹30,930,673
25. Sep 18 Buy Demuric Holdings Pvt. Ltd. Company 21. Sep 18 21. Sep 18 180,881 ₹651.63 ₹117,867,799
14. Sep 18 Buy Demuric Holdings Pvt. Ltd. Company 11. Sep 18 11. Sep 18 100,000 ₹689.42 ₹68,942,350
07. Sep 18 Buy Demuric Holdings Pvt. Ltd. Company 04. Sep 18 04. Sep 18 100,000 ₹708.14 ₹70,814,082
05. Sep 18 Buy Demuric Holdings Pvt. Ltd. Company 31. Aug 18 03. Sep 18 126,061 ₹722.76 ₹91,014,031
03. Sep 18 Buy Demuric Holdings Pvt. Ltd. Company 29. Aug 18 30. Aug 18 223,939 ₹697.23 ₹154,253,897
10. Aug 18 Buy Hardeep Singh Individual 23. Jul 18 23. Jul 18 2,000 ₹628.46 ₹1,256,919
10. Aug 18 Buy Hardeep Singh Individual 23. Jul 18 23. Jul 18 2,000 ₹628.46 ₹1,256,919
04. Jun 18 Buy Demuric Holdings Pvt. Ltd. Company 01. Jun 18 01. Jun 18 100,000 ₹704.63 ₹70,462,723
22. Feb 18 Sell Shilpa Shroff Individual 19. Feb 18 20. Feb 18 -10,500 ₹702.48 ₹-7,376,000
15. Mar 18 Sell Shilpa Shroff Individual 13. Mar 18 13. Mar 18 -40,000 ₹724.97 ₹-28,998,799
09. Mar 18 Sell Shilpa Shroff Individual 07. Mar 18 08. Mar 18 -63,897 ₹706.65 ₹-45,152,899
X
Management checks
We assess UPL's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. UPL has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Map
Description

UPL Limited, together with its subsidiaries, manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals in India, Europe, North America, Latin America, and internationally. The company operates in two segments, Agro Activity and Non-agro Activity. It offers crop protection products, such as herbicides, insecticides, and fungicides; fumigants and fumigation technologies; and specialty post-harvest products, including coatings and phosphine fumigation, as well as sorghum, corn, canola, sunflower, rice, and vegetable seeds. The company also manufactures and markets industrial chemicals and other non-agricultural related products. UPL Limited also exports its products. In addition, it provides farmer advisory and education services, as well as farm services. The company was formerly known as United Phosphorus Limited and changed its name to UPL Limited in October 2013. UPL Limited was founded in 1969 and is headquartered in Mumbai, India.

Details
Name: UPL Limited
512070
Exchange: BSE
Founded: 1969
₹415,954,691,455
509,342,670
Website: http://www.uplonline.com
Address: UPL Limited
UPL House, 610 B/2,
Bandra Village,
Mumbai,
Maharashtra, 400051,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BSE 512070 Equity Shares Mumbai Stock Exchange IN INR 15. May 1996
NSEI UPL Equity Shares National Stock Exchange of India IN INR 15. May 1996
Number of employees
Current staff
Staff numbers
7,435
UPL employees.
Industry
Fertilizers and Agricultural Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/17 12:42
End of day share price update: 2019/02/15 00:00
Last estimates confirmation: 2019/02/14
Last earnings filing: 2019/01/31
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.